IFAs the main source of advice for super fund members
Non-aligned financial planners are the primary source of advice for super fund members, according to CoreData's Post Retirement Report.
The report, which was based on a survey of around 850 respondents, found only one in 10 used their super fund's financial planning service, while more than a third used a non-aligned adviser.
Around 25 per cent of surveyed retirees used an institutionally aligned financial planner, while 12.5 per cent used an accountant.
"Super funds have a great opportunity to better engage and communicate their financial advice offering and value proposition to members," said CoreData head of advice, wealth and super Salvador Saiz.
For respondents already in retirement, financial planning and counselling is the most valued service their fund currently provides, the report found.
Furthermore, retirees want retirement-specific investment options.
"While the [superannuation] industry continues to debate the need for a different approach to asset allocation and product solutions for retirees, it is interesting to see that more than three quarters of respondents are more likely to want their main super fund to focus on investment options that focus on sustainable income, capital preservation and low volatility, whilst 78.9 per cent expect their super fund to tailor its investment options in retirement," Saiz added.
The report also found that lower fees come before customer service and competitive returns as one of the key areas super funds need to focus on to retain members.
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